Abhishek Sinha
The Securities and Exchange Board of India (SEBI) has given its approval to five companies — Milky Mist Dairy Food, Curefoods India, Steamhouse India, Gaja Alternative Asset Management (Gaja Capital), and Kanodia Cement — to raise funds through initial public offerings (IPOs).
However, the market regulator has put Vedanta Group’s Sterlite Electric IPO on hold, without citing a specific reason.
🏦 Sterlite Electric IPO Deferred
According to SEBI’s latest update, Sterlite Electric Ltd, formerly known as Sterlite Power Transmission, has had its IPO application placed under review. The company had filed its preliminary offer documents earlier this month.
The proposed public issue was expected to include both a fresh equity issue and an offer for sale (OFS).
Sterlite Electric, a leading manufacturer of power transmission and distribution equipment, is majority-owned by Twin Star Overseas, with Vedanta Ltd holding a 1.51% stake as of March 2025.
💰 Five Companies Clear SEBI Hurdle
The five approved companies had submitted their draft papers between May and July 2025, and SEBI issued its observations between October 14 and 24.
1️⃣ Milky Mist Dairy Food (Tamil Nadu)
- IPO Size: ₹2,035 crore
- Structure: Fresh issue of ₹1,785 crore + OFS of ₹250 crore
- Purpose: Debt repayment, expansion and modernization of its Perundurai plant (including new whey protein, yogurt, and cream cheese units), and installation of visi coolers and ice cream freezers.
2️⃣ Curefoods India (Bengaluru)
- IPO Size: ₹800 crore (fresh issue) + OFS of 4.85 crore shares
- Brands: CakeZone, Nomad Pizza, and Krispy Kreme (India)
- Use of Proceeds: Opening new cloud kitchens, restaurants, kiosks, and central kitchens; brand expansion; equipment purchase; debt repayment; and investment in subsidiaries Fan Hospitality Services and Cakezone Foodtechs.
3️⃣ Steamhouse India
- Industry: Industrial steam and gas solutions
- Estimated IPO Size: ₹500–700 crore
- Filing Route: Confidential pre-filing, allowing later-stage disclosure of IPO details.
4️⃣ Gaja Alternative Asset Management (Gaja Capital)
- India’s first private equity firm to go public.
- Filed IPO documents via confidential pre-filing method, with details to be revealed closer to listing.
5️⃣ Kanodia Cement
- IPO Type: Pure offer-for-sale of 1.49 crore shares by promoters and existing shareholders.
- Proceeds: Company will not receive funds; all gains to go to selling shareholders.
📊 IPO Market Momentum
With these fresh approvals, FY26 continues to see robust IPO activity across sectors — from FMCG and food tech to cement and industrial engineering.
The move also underscores SEBI’s growing adoption of the confidential filing route, enabling issuers to maintain flexibility and reduce regulatory delays before public disclosure.
Meanwhile, Sterlite Electric’s IPO remains under review, marking a rare pause for a major corporate listing within the Vedanta Group’s diversified portfolio.
